Altice USA (NYSE:ATUS) Shares Gap Up – Here’s Why

Altice USA, Inc. (NYSE:ATUS) shares gapped up prior to trading on Tuesday . The stock had previously closed at $2.82, but opened at $2.97. Altice USA shares last traded at $2.86, with a volume of 439,511 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ATUS shares. Raymond James upgraded Altice USA from a “market perform” rating to an “outperform” rating and set a $3.50 price target for the company in a research note on Tuesday. TD Cowen dropped their target price on Altice USA from $6.00 to $3.50 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Citigroup upped their price target on Altice USA from $2.50 to $3.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Altice USA currently has a consensus rating of “Hold” and an average price target of $2.41.

Altice USA Stock Up 2.0 %

The firm has a market cap of $1.33 billion, a PE ratio of -7.77 and a beta of 1.52. The company has a 50-day simple moving average of $2.66 and a two-hundred day simple moving average of $2.39.

Altice USA (NYSE:ATUS) last released its earnings results on Thursday, February 13th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.16). As a group, equities analysts predict that Altice USA, Inc. will post -0.06 earnings per share for the current year.

Insider Buying and Selling at Altice USA

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $24.50, for a total value of $19,728,061.50. Following the completion of the sale, the director now directly owns 19,535,550 shares of the company’s stock, valued at $478,620,975. This trade represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 8,052,288 shares of company stock worth $197,281,056 over the last three months. 52.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Altice USA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wolverine Trading LLC purchased a new position in shares of Altice USA in the third quarter worth about $39,000. Point72 Asset Management L.P. grew its stake in Altice USA by 487.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 880,985 shares of the company’s stock valued at $2,167,000 after buying an additional 730,985 shares in the last quarter. Algert Global LLC grew its stake in Altice USA by 101.3% in the 3rd quarter. Algert Global LLC now owns 639,005 shares of the company’s stock valued at $1,572,000 after buying an additional 321,618 shares in the last quarter. Barclays PLC lifted its position in shares of Altice USA by 120.3% during the third quarter. Barclays PLC now owns 1,527,424 shares of the company’s stock worth $3,756,000 after acquiring an additional 834,030 shares in the last quarter. Finally, LMR Partners LLP boosted its holdings in shares of Altice USA by 217.5% in the third quarter. LMR Partners LLP now owns 3,000,000 shares of the company’s stock worth $7,380,000 after acquiring an additional 2,055,000 shares during the period. 54.85% of the stock is currently owned by institutional investors.

Altice USA Company Profile

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to residential and business customers. The company's video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.